Why Is Dogecoin Trading Lower Today?

Dogecoin DOGE/USD traded 4.71% lower over 24 hours at $0.23 early Monday morning.

What’s Moving? The meme cryptocurrency has risen 9.37% over a seven-day trailing period.

DOGE fell 6.26% and 2.68% respectively against Bitcoin and Ethereum over 24-hours.

Since the year began, DOGE has risen 4044.95% reaching an all-time high of $0.74 in early May. 

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? Major cryptocurrencies were mixed on Monday. While BTC traded nearly 1.95% in the green, ETH was down 1.8%. The global cryptocurrency market cap was largely flat down 0.15% at $2.33 trillion at press time.

DOGE did not see high interest on Twitter at press time and was mentioned in 1,276 tweets. The highest interest was seen in BTC and SHIBA INU, as per Cointrendz data.

BTC and SHIB were mentioned in 6,617 and 3,795 tweets, respectively. 

Cryptocurrency trader Michaël van de Poppe said Sunday on Twitter that BTC is entering consolidation after analyzing BTC/ETH pair.

$ETH / $BTC breaking down, while #Bitcoin consolidating.

I'm assuming #Bitcoin continues, while #altcoins are not getting the game yet.

— Michaël van de Poppe (@CryptoMichNL) October 10, 2021

Meanwhile, over the weekend, FXStreet analysis indicated that DOGE’s recent price action was limited by a descending trendline and a resistance level which fueled expectations that prices would get squeezed over coming weeks.

On Sunday, Dogecoin YouTuber Matt Wallace retweeted a post from “Topdoge” which said that the “Squid Games” fame actress and model Jung Ho-yeon supposedly told Vogue Korea that she was obsessed with DOGE — some users pointed out soon enough that it was a copypasta meme and not true.

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